CIOs Prioritize New Technology Over Tech Stack Optimization

According to Lenovo, despite economic headwinds and IT budget challenges, CIOs around the world are bullish about the power of technology to bring value to their organizations.

Concerns about investing in innovation among CIOs

Despite the optimism, the risks are real, with 83% concerned about not having the budget to properly invest in innovation and digital transformation, and 48% very concerned. Yes, or very concerned.

48% of CIOs are more likely to prioritize innovating new technologies over optimizing the current tech stack. The risks are high, with 60% of CIOs saying a freeze on investment in innovation will impact their business immediately or within weeks across business automation, business model transformation, data analytics and environmental, social, and governance initiatives. reported to give

In addition to this, 33% of CIOs feel their organizations are not sufficiently resilient.

The CIO’s job is tougher than ever, and survey results show that CIOs are increasing their risks accordingly. Ken Wong, president of Lenovo Solutions & Services Group, said the more complex the technology landscape, the more CIOs should implement digital transformation across the organization, prioritizing initiatives and investments that deliver business outcomes. said it would be more difficult.

IT budget forecast

One in five CIOs expect their IT budget to grow by 10% or more over the next 12 months, while 59% expect their budget to grow by only 1% to 10%. To mitigate potential risks, CIOs are highly focused on ensuring their tech stacks and teams are more agile and resilient (81%).

The survey results are consistent with CIOs’ dissatisfaction with much of the IT infrastructure they have in place, with most saying they would replace more than half of their tech stack if given the opportunity.

It’s no surprise that CIOs are turning to as-a-service (aaS) services for their tech stacks. Deploying an aaS solution simplifies and optimizes everything, allowing IT leaders to focus on innovation and be agile to meet the changing needs of their organization. A pay-as-you-go consumption model, from procurement to deployment and management of infrastructure, hardware, and licenses, frees up the CIO and IT team to focus on innovation and more strategic agendas, and the benefits are shared by most of his CIO. is aware of

92% of CIOs are looking to add new aaS solutions to their technology stack in the next two years. This confirms that 71% of CIOs said between 11% and 50% of their IT is currently delivered on a aaS basis. Software aaS, Infrastructure aaS, and Device aaS were cited by more than half of CIOs as having significantly or slightly higher usage than in the previous year.

AI opportunities for IT leaders

The research reveals two main priorities. First, artificial intelligence and machine learning (AI/ML) is emerging as a mainstream IT priority, fueling innovation ambitions. The second is talent-related opportunities. Attracting and retaining talent is critical to the success of a company.

AI/ML has quickly become an urgent priority for CIOs trying to stay up to date with the rapid advancements in technology. Fewer than 43% feel urgent pressure to prioritize their AI/ML, just behind cybersecurity (51%). As many as three in five IT leaders are experiencing pressure to further optimize their company’s operations.

People-related responsibilities such as recruiting and retention (59%), managing a remote workforce (59%), managing a global team (58%), and diversity, equity and inclusion (55%) increase the CIO’s work remains a significant challenge with The role of digitizing operations across departments.

Given the focus on cutting-edge technologies such as AI and long-standing challenges in talent management, there are clear gaps that IT solutions partners such as Lenovo can fill. From hardware to edge to cloud, the ability to design and deliver AI-powered solutions not only streamlines day-to-day operations, but also enables organizations to innovate with agility and maximize their tech stack to power their business. you will be able to reach your goals. said Wong.

Sources 1/ https://Google.com/ 2/ https://www.helpnetsecurity.com/2023/06/08/cios-innovation-investment-challenges/ The mention sources can contact us to remove/changing this article

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